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ASB Adopts ASOP No. 47 (ERM Risk Treatment)The ASB recently adopted ASOP No. 47, Risk Treatment in Enterprise Risk Management. The ASOP provides guidance to actuaries when performing professional services with respect to risk treatment for the purposes of enterprise risk management. The standard focuses on four aspects of risk treatment: determining risk tolerance, choosing risk appetites, setting risk limits, and performing risk mitigation activities. Guidance for activities related to risk evaluation is addressed in ASOP No. 46, Risk Evaluation in Enterprise Risk Management. The effective date for both ASOP Nos. 46 and 47 is May 1, 2013. The ASOP can be viewed on the ASB website under the tab "Current Actuarial Standards of Practice" at: http://www.actuarialstandardsboard.org. |
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Actuarial Standards Board |